New Delhi, May 28 -- The Pension Fund Regulatory and Development Authority's Atal Pension Yojana aims to provide pension cover for the poor, underprivileged, and unorganised sector workers. The government initiative seeks to create a universal social security system for all Indians under the broader National Pension System (NPS) umbrella.

Subscribers will receive guaranteed minimum monthly pension payout of one of the following sums: Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000 after the age of 60 years, based on the contributions made by the subscriber after joining the scheme.

In case the account is closed before you reach 60 years of age, only subscriber's contribution plus interest earned is paid. You will lose the government...